The financial education It's not just a matter of school: understanding how to manage money, savings, and debt is essential at any age to make informed decisions and protect yourself from financial risks. According to the analysis by Bravo, fintech active in debt management, based on OECD/INFE data (International Survey of Adult Financial Literacy, December 2023) Many citizens struggle to understand basic concepts and manage their finances consciously. This leads to risky choices, debt and greater exposure to scamsWomen, young people, and graduates are among the most vulnerable groups, demonstrating that the problem affects everyone, without exception.
“The OECD data confirm a widespread problem in all social categories – comments Daniel Martinez, Co-Country Manager of Bravo in Italy -. A G7 country that ranks so low in financial education rankings must focus on concrete investments in this sector, which is essential for the economic well-being of citizens and families."
Financial literacy rankings: Italy ranked 36th out of 39 countries, OECD
The numbers are stark: only 16,6% of Italians reach the minimum score of 70 out of 100, considered by the OECD as sufficient for managing finances wisely. This places us in 36th place out of 39 countries. At the top of the list standings there is the Germany with 75,5%, followed by Estonia (48,4%), Finland (45,8%), Spain (39,2%) and France (38,7%). Percentages that far exceed the Italian ones.
One of the most obvious gaps concerns the knowledge Interest mechanisms: only 17,2% of Italians know how to distinguish between simple and compound interest. This lack of knowledge exposes many citizens to debt without being aware of the risks and economic consequences of their choices.
Also behavior Practically speaking, the results leave much to be desired: only 35% of Italians adopt at least six out of nine correct financial behaviors measured by the OECD, placing Italy 6nd globally. Once again, Germany leads the way with 9%, followed by Ireland (32%), Malta (77,5%), and Indonesia (76,9%).
Online scams: Not keeping an eye on your finances is an additional risk.
In times of threat cyber, forgetting about your accounts can be a problem: only 57% of Italians constantly monitor their finances. This exposes you to risks Concrete: According to Bravo, 9,4% of the adult population has been a victim of financial scams, but only 17,1% had the skills to effectively defend themselves. In terms of victims' financial preparedness, Italy ranks 26th out of 30 countries.
Women and young people: the most vulnerable groups
The survey highlights disparity significant between social groups:
- Women : 38th out of 41 countries analyzed, far behind their German, Spanish and French peers.
- Young 18-29 year olds: 38th place out of 39, with young Germans firmly at the top.
Also graduates disappointing: surprisingly, many show lower skills than their peers in countries with less developed economies, such as Thailand, Hungary, and Uruguay.
